Middle East

A top government minister announced on Tuesday that Italy would extend a 'cut in fuel excise duty due to expire May 22 as part of efforts to curb the soaring energy prices caused by the Middle East conflict. Matteo Salvini, Deputy Prime minister and Transport & Infrastructure Minister, said during an interview with RTL 102.5 that "we will definitely have to extend the excise reduction." It has spent about?1 billion Euros ($1.16 billion), so far, to reduce?excise duty on?petrol or diesel pump prices. The measure was first introduced in March, and then extended for the first time in late April....

The U.S. Department of Energy reported on Monday that a'record 9.9 millions barrels of oil were shipped from the Strategic Petroleum Reserve in the United States last week. This pushed the total volume of the U.S. Government's emergency stockpile to 374 million barils, the lowest level since July 2024. The Trump administration wants to?release 172 million barrels of oil from the reserve, as?part a global deal to calm down the oil markets after prices?spiked due to the U.S. and Israel's war with Iran which began almost three months ago. In April, the?Energy Department offered approximately?92.5 millions barrels of?sweet crudes and...

S&P, the credit rating agency, upgraded Nigeria's long term sovereign rating from "B-" to "B" on Friday citing improved creditworthiness. The agency stated that higher oil prices and production, an increase in domestic refining capacity, and the decision to liberalize exchange rates by 2023 will boost Nigeria's economy and improve the balance of payments. It also revised Nigeria's outlook from "positive" to "stable". The World Bank said in April that it expected Nigeria's economic growth to be about 4.2% in 2026, despite the Iran War, and encouraged authorities to conserve windfalls from higher oil prices, to maintain a tight monetary...

JSW Dulux, an Indian paint manufacturer, expects to achieve double-digit growth in volume in fiscal year 2027. However margins are likely to be under pressure due to volatile costs associated with Middle East uncertainty. The warning shows how the increase in raw material prices linked to crude oil and the war in the Middle East are impacting India's painting sector, even though demand is strong. Paint makers are forced to raise prices due to the higher costs, and disruptions to gas supplies also affect production. There are challenges... many workshops aren't running at full speed because there isn't enough gas,"...

U.S. trade representative Jamieson Greer said in a live interview with Bloomberg News on Friday that China wanted to see the Strait of Hormuz open again without any curbs or tolls. He added that the U.S. Beijing was confident that it would take action to 'limit' material support for Iran. He cited remarks made by Chinese officials during the Beijing summit of U.S.-China leaders. "It was very clear that the Strait of Hormuz should be open for China, with no tolling and no military control. We welcome this. Greer attended summit meetings between the?U.S. President Donald Trump met with Chinese...

Iraqi officials have approached the International Monetary Fund (IMF) to secure financial assistance due to?the Middle East conflict, said a source with the IMF as well as an Iraqi official on Thursday. The IMF source said that initial discussions took place at the spring meetings in Washington of the IMF and World Bank last month. Discussions are still ongoing on how much funding Iraq will need and the structure of any loan. Iraqi officials who advise on financial policy have said that Iraq has begun preliminary talks with the IMF and World Bank about a loan for the country's finances,...

Masoud Suleman, chairman of the National Oil Corporation in London, told reporters that Libya plans to restart its 220,000 barrels-per-day Ras Lanuf refinery within six to twelve months to supply the domestic market. Since 2013, the refinery, Libya’s largest, was idle due to an arbitration dispute between Trasta and NOC, its Emirati partner. NOC announced on Monday that it had signed an agreement to end the partnership with Trasta, and transfer full control of the Ras Lanuf refinery and complex to Libyans. Suleman said that the budget for the restart was already allocated. He added that NOC had the necessary...

LONDON, MAY 13 - Since the massive Israeli-U.S. airstrikes against Iran began on February 28, the war has ravaged infrastructure and economies in the Middle East and thrown into disarray long-held assumptions about regional security. In March, Israel launched an invasion of Lebanon and a bombing campaign to pursue Hezbollah militants who had fired across the border as a show of solidarity with Iran. Here's how certain countries have been affected: The attacks killed Ayatollah Ayatollah Khamenei, the Supreme Leader of Iran and many other top officials and military generals. However, the ruling system remains as firmly entrenched as before....

Brenntag, a German chemical distributor, posted a better-than-expected quarterly profit on Wednesday. Price increases and cost reductions helped, but the company warned of higher crude costs due to Middle East conflict in the months ahead. The U.S. and Israeli war against Iran has affected the global fuel and feedstock markets and driven up prices in the energy-intensive chemicals industry. Thomas Reisten, CFO of the company, said on a conference call with analysts and reporters that the higher costs for fuel and transportation due to the tensions in the Middle East were being passed onto customers via surcharges and increased prices....

A UAE minister told a Damascus Investment Forum that trade between the United Arab Emirates (UAE) and Syria has more than doubled since '2025. It will continue to grow. This is a sign of rapidly warming relations between both countries. Thani Al Zeyoudi, UAE Minister of State in charge of?Foreign trade, told the first?Syrian Emirati Investment Forum the non-oil trading between the United Arab Emirates (UAE) and Syria will reach a record $1.45 billion by 2025. This is a 132% increase from the previous years. He said that the rise in bilateral trade is a positive sign. During the two-day...

According to a'senior officer' in the Islamic Revolutionary Guard Corps Navy, Iran has expanded the definition of the Strait of Hormuz far beyond what it was before the Iran war. Fars, a news agency affiliated with the Iranian government, reported Tuesday that the strait was no longer viewed by the IRGC Navy as a small stretch of water around a few islands, but had been significantly enlarged and given a greater military significance. "In the past the Strait of Hormuz has been defined as a small area around islands like Hormuz or Hengam. But today, this view is changing," said...

Prices of oil rose by nearly 1% on Tuesday as the talks to end U.S. - Israel's?war on Iran? appeared fragile. Tehran's response?to a Washington proposal highlighted stark differences which have kept supply concerns alive. Brent crude futures rose 86 cents or 0.8% to $105.07 per barrel. U.S. West Texas Intermediate was up 99 cents or 1% at $99.06 as of 0411 GMT. Both benchmarks rose by nearly 2.8% Monday. U.S. president Donald Trump said on Monday that the ceasefire agreement with Iran is "on life support." He cited disagreements on several demands such as the cessation?of?hostilities across all fronts,...

There is a cooking gas shortage in India. Californian motorists pay $6 per gallon for gasoline. Both are symptoms of the biggest ever disruption in energy supply. The two are directly related and show the impact of the U.S./Israeli war on Iran. The near-closure of 'Strait of Hormuz by Iran has caused global oil trade to be in chaos, and cut importers off from?around a fifth of global oil supplies that crossed the waterway prior to the war. Oil buyers have been forced to burn down their stockpiles to deal with the global fuel shortage. The pain is being spread...

Oil prices increased on Thursday, as traders remained focused on the Iran war and investors awaited a?meeting?between U.S. president Donald Trump and Chinese president Xi Jinping. Brent crude futures rose 13 cents or 0.12% to $105.76 a barrel by 0015 GMT. U.S. West Texas intermediate futures also gained 12 cents or 0.12% to $101.14. Investors were worried about possible interest rate increases in the United States, which led to a decline of both benchmark oil contracts on Wednesday. Brent crude futures dropped?more that $2 per barrel while WTI futures declined more than $1. Trump landed 'on Wednesday night in Beijing...

A senior Pentagon official stated on Tuesday that the United States war in Iran has cost $29 billion so far, which is an increase of $4 million from an estimate given late last month. The Democrats have been able to gain a lot of ground in the public opinion polls, as they try to tie the war to cost of living issues. The Pentagon announced on April 29 that the war had already cost $25 billion. Jules Hurst who performs the duties of comptroller told lawmakers that the new costs included updated repair and replacing equipment?and operational expenses. Hurst stated...

Consumer prices in the United States?rose rapidly for a second consecutive month in April. This resulted in?the largest annual increase in inflation for nearly three years, and further reinforced expectations that the Federal Reserve will keep interest rates at their current level for some time. The Bureau of Labor Statistics of the Labor Department reported on Tuesday that the Consumer Price Index rose 0.6% in April after a 0.9% increase in March. The economists polled had predicted the CPI to rise 0.6%. Estimates varied from a gain of?0.4% to 0.9%. Moderation was largely mechanical after the biggest increase since June...

The ongoing closure of the Strait of Hormuz may not seem to have much in common with the Indian diet cola consumers, but both are at risk. The world economy will be affected by the second and third round effects of the closure. This is because the price of refined fuels like gasoline and diesel has already increased. Electric vehicles (EVs), which allow drivers to reduce their dependence on fossil fuels, are widely considered one of the biggest winners in the current conflict between Iran and the United States. But EVs have a direct connection to the Strait of Hormuz,...

The leaders of Southeast Asian nations?holding a meeting on Friday will likely thrash out an coordinated response to the impact of the 'Middle East Crisis, in order to?ease the pressure of an energy shock which has shook?their oil-dependent economies. Leaders of ASEAN are expected to meet on Cebu Island in the Philippines to push for an harmonised approach to ensure food and energy security in a particularly vulnerable region to the nearly 70-day long blockade of Strait of Hormuz. Ferdinand Marcos Jr, Philippine president, said in his opening remarks, as ASEAN chair, that ASEAN stood together to show its ability...

According to traders, analysts and exchange data, there were a series of well-timed bets made on the falling oil price in March and April, totaling up to $7 billion. These bets were spread over multiple exchanges, types of fuel, and derivatives, just before Donald Trump's major announcements about Iran policy. The amount exceeds the $2.6 billion in?bets that were previously reported, and has already led to the U.S. Administration?warning staff not to use nonpublic information as a means of financial gain. A?person with knowledge of the matter said in April that the U.S. Commodity Futures Trading Commission is investigating. However,...

According to analysts, traders and market experts, there were a series of well-timed "market bets" on falling oil prices that totaled $7 billion between March and April, spread across different exchanges, types of fuel, and derivatives, just before Donald Trump's major announcements about Iran policy. The amount of the bets exceeds previous reported wagers totaling $2.6 billion. This has already led to the U.S. Administration to warn staff against using confidential information to their financial advantage. A 'person familiar with this matter' told a CFTC official in April that the U.S. Commodity Futures Trading Commission is conducting an investigation. However,...

Super Retail Australia reported flat like for like sales in the second half of this year. It cited a drop in demand across its four brands after the 'Iran war. This sent the company's shares to a three-year-low on Thursday. The retailer reported that after the bell rang on Wednesday, like-for-like retail sales had only increased by a paltry 0.4%. Gross margins were also "modestly lower than the previous comparable period." Super Retail reported that the Middle East conflict has impacted the sales momentum of all brands, and inflation rates are also increasing. The shares of the retailer fell as...

Leaders of the ASEAN bloc will be discussing conflicts beyond Southeast Asia at the meeting in the Philippines. The Middle East crisis is a major challenge for the economies of countries that depend on fuel imports. Leaders, foreign and economic ministers from the 11 member grouping will attend the?meetings in Cebu on Friday and Thursday. Energy and food security are top priorities for this region of 700 million people. Many Asian countries are scrambling to find alternative oil supplies due to the Middle East conflict. ASEAN ministers have convened special meetings in advance of the summit and the Philippines is...

As expected, the increase in South Korea's consumer price in April was the fastest in almost two years. The surge in oil prices caused by the Middle East conflict fueled the rise. Data from the government showed that the consumer price index increased 2.6% in April compared to a year ago, after increasing 2.2% in March. This was in line with the median poll forecast and marked the largest year-on year increase since July 2024. According to the Ministry of Data and Statistics, the index increased 0.5% from last month after increasing?0.3% the month prior. Prices of petroleum products rose...

?Oil Prices eased on 'Monday, after U.S. president Donald Trump'said he would start an effort to release ships stranded at the Strait of Hormuz. However, the absence of a U.S. Iran peace deal kept the prices above $100. Brent crude futures dropped 64 cents or 0.59% to $107.53 per barrel at 2308 GMT, after falling $2.23 on Friday. U.S. West Texas Intermediate is now at $101,10 per barrel, down by 84 cents or 0.82% after a loss of $3.13 on Friday. Trump said in a Sunday post on the Truth Social website that "for the good of Iran and the...